Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


Labour To Support Korean Trade Deal

The second reading debate of the Tariff (Free Trade Agreement between New Zealand and the Republic of Korea) Amendment Bill was interrupted when the House rose at 6pm with Labour indicating they would support the bill with one misgiving.

Associate Trade Minister Todd McClay said the bill brought into force the trade deal with Korea which would bring significant gains for exporters due to the removal over time of tariffs on approximately 98 percent of New Zealand’s current exports to Korea.

It is estimated that New Zealand exporters currently pay around NZ$229 million in duties each year to Korean authorities. On entry-into-force tariffs on 48.3 percent or NZ$793.7 million of New Zealand’s current exports to Korea will be eliminated. This includes wine, cherries, hides and skins, some forestry products, some aluminium and many industrial goods exports will become duty-free on EIF.

New Zealand beef exports to Korea (worth NZ$120.6 million in the year ending June 2014) will become duty and safeguard-free 15 years after implementation, with an estimated annual duty saving to New Zealand of NZ$48.2 million.

All duties on New Zealand kiwifruit exports to Korea (worth NZ$44.3 million in the year ending June 2014) will be eliminated over five years, with an estimated annual duty saving to New Zealand of around NZ$20 million.

Labour’s David Parker said it was the only piece of legislation that would come before the House in relation to the trade deal. Labour supported the idea of the trade deal and expanding opportunities for exporters.

Mr Parker said Labour would support the legislation as the Government had almost got the deal right as it did provide benefits for exporters and the economy. The deal did not require any changes to legislation other than tariff law and the sovereignty of Parliament was not controlled.

Labour was not happy about the limitations the deal put on future Governments to change foreign investment rules applying to Korea, the Government had failed to negotiate to allow for the ban of house sales to foreigners and this would now flow through to all countries New Zealand had trade deals with such as China.

The Greens indicated they were still opposed to the deal because it encroached on Parliament’s sovereignty to implement some policy. NZ First also remained opposed for the same reasons as the Greens but also because it was a poor deal

The House rose at 6pm interrupting the debate which became heated at times with Assistant Speaker Trevor Mallard terminating David Bennett’s speech after he made a number of attacks on other MPs.

** is a breaking news source for New Zealand parliamentary business featuring broadcast daily news reports

© Scoop Media

Top Scoops Headlines


Fatuous Defence: Australia’s Guided Missile Plans

Even in times of pandemic crises, some things never change. While Australia gurgles and bumbles slowly with its COVID-19 vaccine rollout, there are other priorities at stake. Threat inflators are receiving much interest in defence, and the media ... More>>

Richard S. Ehrlich: Cambodia's Hun Sen Feels Politically Vaccinated

BANGKOK, Thailand -- When Cambodian Prime Minister Hun Sen received his AstraZeneca vaccination shot, he suddenly felt invulnerable and vowed to rule indefinitely. Hun Sen is already one of the world's longest ruling prime ministers, confident his successor ... More>>

Reese Erlich: Foreign Correspondent: My Final Column?

I’m dying. It’s not easy to write these words. But it’s true. More>>

Binoy Kampmark: Brawling Over Vaccines: Export Bans And The EU’s Bungled Rollout
The European Union has been keeping up appearances in encouraging the equitable distribution of vaccines to combat SARS-CoV-2 and its disease, COVID-19. Numerous statements speak to the need to back the COVAX scheme, to ensure equity and that no one state misses out... More>>

Jennifer S. Hunt: Trump Evades Conviction Again As Republicans Opt For Self-Preservation

By Jennifer S. Hunt Lecturer in Security Studies, Australian National University Twice-impeached former US President Donald Trump has evaded conviction once more. On the fourth day of the impeachment trial, the Senate verdict is in . Voting guilty: ... More>>

Binoy Kampmark: Let The Investigation Begin: The International Criminal Court, Israel And The Palestinian Territories

International tribunals tend to be praised, in principle, by those they avoid investigating. Once interest shifts to those parties, such bodies become the subject of accusations: bias, politicisation, crude arbitrariness. The United States, whose legal and political ... More>>